Pohang City Imposes 52.3 Billion KRW in July Regular Property Tax...Housing Tax Amount Up 3% YoY

Despite a 4.98% Decline in Official Prices of Multi-Family Housing, Apartment and Individual House Prices Rise

[Asia Economy Yeongnam Reporting Headquarters, Reporter Park Dong-wook] Pohang City, Gyeongsangbuk-do announced on the 12th that it imposed 52.3 billion KRW in regular property tax for July this year on about 240,000 cases.

This property tax in Pohang accounts for 19% of the property tax of 23 cities and counties in the province. It is a considerable scale, accounting for 14% of Pohang City's total local taxes.

The property tax obligor is the owner of houses and buildings as of June 1 every year. In particular, for the housing portion, taxpayers with a property tax amount of 200,000 KRW or less are charged all at once this month. If it exceeds 200,000 KRW, half is charged in July and September respectively.

Among this year's property tax impositions, the building portion was 27.8 billion KRW, an increase of 1.4% compared to the previous year, and the housing portion was 24.3 billion KRW, an increase of 2.9%. Pohang City explained that despite the official price of apartment complexes in Pohang City falling by 4.98% compared to the previous year, the reason for the increase in property tax is due to new apartment construction and individual house prices rising by 2.18%.

Choi Je-min, head of the Financial Management Division of Pohang City, urged, "If the payment period is exceeded, a 3% surcharge will be imposed, and on the payment deadline, inconvenience may occur due to congestion at financial institutions, so please make sure to pay before the deadline."

Meanwhile, Pohang City reduced the 2020 building portion property tax for good landlords who voluntarily lowered rent to participate in overcoming the COVID-19 crisis.